Goldman Sachs has reiterated its Neutral recommendation on AbbVie Inc., keeping a $223.00 price objective in place as the drugmaker approaches the release of its 2026 guidance together with fourth-quarter 2025 earnings on February 4. The firm’s stance arrives amid investor conversations that have begun to concentrate on the competitive outlook for AbbVie’s leading growth medications and the steadiness of the company’s recent earnings beats.
Market data referenced in the bank’s note shows AbbVie trading at $223.93, a level that is described as modestly above its Fair Value estimate. Analyst price targets collected in the same dataset range from $184 at the low end to $289 at the high end, illustrating diverse opinions among equity analysts. AbbVie’s equity exhibits relatively low historical volatility, with a beta of 0.35 versus the broader market.
Goldman Sachs points to two principal themes emerging from investor engagement. The first is an active debate over competitive dynamics affecting Skyrizi and Rinvoq, AbbVie’s key growth drivers. The second is the observation that the magnitude of earnings outperformance has narrowed in recent reports. In addition, the firm highlights a change in management disclosure practices: AbbVie will no longer provide mid-term guidance updates for Skyrizi and Rinvoq, a shift that may influence investor visibility into those franchises.
Despite those concerns, company-level performance has been positive on several fronts. Revenue for AbbVie rose 7.4% over the most recent twelve-month period cited, and at least one data-source note included with the coverage expects net income to grow this year. Goldman Sachs’ own 2026 forecasts call for continued growth: total revenues of $67.1 billion, with Skyrizi contributing $21.3 billion and Rinvoq $10.4 billion, and earnings per share of $14.22. The bank indicates these estimates are consistent with current Wall Street consensus.
AbbVie’s current multiples reflect a mix of growth expectations and shareholder returns. The shares trade at a trailing or forward price-to-earnings ratio of 168.95, markedly above typical industry averages, while the company pays a 3.09% dividend yield.
For the imminent fourth-quarter 2025 report, Goldman Sachs expects an overall revenue result that slightly exceeds consensus. The firm forecasts Skyrizi to come in marginally ahead of estimates and anticipates a small miss for Rinvoq. Analysts are expected to give particular attention to Rinvoq trends, given the prospect of later-year tailwinds from new indications that could support the franchise going forward.
Goldman’s note also comments on AbbVie’s other business areas. The bank expects ongoing macroeconomic pressures to weigh on the company’s Aesthetics business, while Neurology and Oncology are anticipated to report in-line performance. Historically, those segments have not driven large share-price reactions in the company’s earnings cycles, according to the analysis.
AbbVie remains a major industry participant with a market capitalization approaching $396 billion. The company’s strategic and clinical activity continues to draw attention. In regulatory developments, AbbVie has been included in the U.S. Centers for Medicare & Medicaid Services’ third round of the Medicare Drug Price Negotiation Program, alongside other large pharmaceutical peers.
On the clinical front, AbbVie reported mixed Phase 3 data from the EPCORE DLBCL-1 trial. The bispecific antibody epcoritamab produced an improvement in progression-free survival but did not achieve a statistically significant improvement in overall survival for patients with relapsed or refractory diffuse large B-cell lymphoma in that study.
In deal activity, AbbVie secured global rights to the asset RC148 outside of China. The agreement includes contingent milestone payments and royalties on net sales as part of the commercial terms disclosed.
Analyst coverage of AbbVie remains varied. Bernstein SocGen Group reiterated a Market Perform rating with a $225 price target and maintained a neutral posture in light of competitive pressures. BMO Capital preserved an Outperform rating with a $258 target, citing robust growth in Skyrizi and Rinvoq that offsets headwinds from products such as Humira and Imbruvica. UBS kept a Neutral rating and a $240 price objective, noting the recent transaction involving RC148 among the factors informing its view.
Investors seeking more detailed research have access to expanded reports through professional research services that cover AbbVie as part of broader U.S. equities coverage. Such reports compile financial metrics, segment performance, and strategy considerations into a consolidated analysis for institutional and individual investors.
Context for market participants
- AbbVie’s 2026 guidance and Q4 2025 results will provide updated visibility on its growth trajectory, particularly for Skyrizi and Rinvoq.
- Valuation metrics show the stock trading at elevated multiples relative to peers while offering a mid-single-digit dividend yield.
- Clinical trial outcomes and regulatory programs remain material to near-term investor assessments given their potential to alter revenue pathways.